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Nanotechnology Industry Creating Jobs in New Tech Valley

Between 2004 and 2008, the U.S. government plans to invest $5 billion into nanotechnology research, and many states including New York are pursuing it with fervor. Today, billions of dollars are being spent to incorporate nanoparticles into products marketed to the public.

Nanotechnology is a branch of science that deals with quantum phenomena, or particles 1-100 nanometers in size. To put it another way, it’s the science of building devices roughly one-thousandth the width of a human hair. This past May, NY Governor George Pataki announced that the College of Nanoscale Science and Engineering (CNSE) at the State University of New York at Albany (UAlbany) was ranked first in the nation by Small Times magazine as “the leading college for nanotechnology and microtechnology.” UAlbany is also the first college in the world devoted exclusively to the research, development and deployment of innovative nanoscience, nanoengineering and nanoeconomics concepts.

1.) Nanotechnology will allow manipulation of molecular sized particles. 2.) The extent of Hudson Tech Valley in New York.

Like most states, New York is strengthening research and development efforts to attract companies that might create technology’s next big thing. According to Expansion Management magazine, the Albany, Schenectady, Troy metropolitan area is among the best places in the country to locate a company.

In 2003, International SEMATECH—a consortium of the twelve major computer chip manufacturers in the world—located a $400 million center at the university, and global companies like Tokyo Electron Ltd. work there.

Most recently, in June of this year, Advanced Micro Devices Inc. (AMD), announced the building of a multibillion dollar chip manufacturing plant in Malta, NY (about 25 miles north of Albany). AMD chose New York after considering bids from East Asia and Germany, and according to published reports, the company was offered about $1 billion in state incentives.

State officials said AMD alone will create 2,000 permanent jobs. According to figures from the U.S. Department of Labor, the rate of job growth in the NY Tech Valley area between 2000 and 2005 was “significantly higher” than the national average. Not surprisingly, Governor Pataki sees New York’s Tech Valley as the place where “revolutionary technologies of the 21st century are created, and lead to the creation of new jobs and opportunities for all New Yorkers.”

While experts explore possible dangers of nanotechnology—particularly how these tiny particles interact with the environment and the human body—advancements are on the horizon. From soldiers experimenting with a futuristic “liquid armor” to the use of nano materials to improve solar and fuel-cell efficiency, to perhaps developing a cure for cancer, it seems that the possibilities could be endless.

According to NASDAQ’s Chief Financial Officer, “Led by the University at Albany’s College of Nanoscale Science and Engineering, New York State’s nanotechnology initiative is pioneering a new model that is turning public and private investment into significant economic impact.”

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